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Tuesday, 18 November 2014

What the SAC Is Going On? - Update

Stop The Press! On the 12th November a 3-judges appeal
hearing to extend Mathew Martoma’s bail release, pending an appeal for his near-record
9-years’ prison and US$7 mn confiscation, as a criminal law conviction for
insider trading, was cursorily declined and belatedly he is set to start
incarceration (see our earlier full research to this update). Watch This Space!

The contradictions
in American judicial proceedings in the SAC-saga agitate FPM principal’s
Industry Intelligence with numberless pangs! A multi-years court proceedings
which reaffirms the farcical theatrical nature of American Justice – Read on. WARNING
/ ACHTUNG: A brand of justice and democracy not to be imitated. To free
ourselves of these difficulties, we expound our anger at the injustice, as FPM enterprising public information and active resistance.

At the above mentioned the appeal
hearing, U.S. Judges persistently enquired of the State prosecutors (from U.S. Department of Justice - DoJ) as to why a
deposition that Steven A Cohen “SAC” submitted at an S.E.C. inquiry in May 2012,
was not permitted in Mr Martoma’s January 2014 defence trial, even though the same insider-traded stocks (Elan Corp. and Wyeth Ltd), were at legal issue. The prosecuting lawyers seem to
become vague and stated: “Strategic
decision…so as not to confuse the jury”. State prosecutor’s, if anyone need
reminding, are paid for with public taxpayer money and supposedly representing
the public interest, here demonstrate how the law can be technically perverted, i.e. used to convict one and exonerate another from the same legal issue.

To re-cap key elements of the
legal case demonstrating this systemic corruption in capitalism the issue at
stake in FPM’a ‘plain English’ attempt (read also Muppet
Mainstream Media diversion too): Mr Martoma’s defence in effect stated in
their main appeal:

“What’s the evidence that gets me harsh 9
years prison and a confiscation conviction while head-honcho multi-billionaire
at the centre of the web-of-securities fraud Mr Cohen walks ‘scot free’ into
the sunset at age 58 with US$10 bn after 20+ years insinuation in corporate criminality?
”

The documented video deposition in
question was that of the head-honcho Mr Cohen which indicated that he relied on
Wayne Holman’s consultancy expertise (a healthcare portfolio manager, former
SAC employee and friend who left in 2006 to form Ridgeback Capital Management) to
profitably netting $275 mn from exiting a
US$700 mn loss-making trading position. It was loss-making ‘long’ position based
on the imminent drug trials announcement that was to be negative (i.e. SAC
portfolio positions in experimental Alzheimer’s drug makers Elan Corp and Wyeth
Ltd). Mr Martoma’s main appeal which is still pending will we expect seek
reduced sentencing. Mr Martoma’s failure to extend bail from this appeal while
his main appeal is pending maybe a court ‘side-show’ manoeuvre to assert
insider trading enforcement. Whereas, FPM principals have repeatedly
highlighted the “Punch and Judy”
theatrical nature of American Juctice in ‘NSWF:Reputation’.
ALL of the eight convicted individuals in this SAC-saga are still out on bail,
as was Mr Martoma until this 3-judges appeal hearing. Doh!

FPM also note that we are
updating the “FPM Reputation BlackList” to reflect that few if any from SAC-saga
and litany of litigations has yet seen the inside of a prison despite eight convictions! Internally, FPM discussing if Ridgeback Capital Management founder Wayne Holman makes it on the
reputation list.

Please feel free to correct us Mr
Preet Bharara? Mr Bharara was the DoJ presiding State attorney in the insider
trading sting (codenamed “xxxxx”), launched demonstratively
and conveniently as an enforcement witch-hunt for the depression-like financial
crisis. Another betting FPM principal also wagers that Mr Bharara, widely
touted for the top job in U.S. Justice, was not nominated for the sham
oversight of proceedings in the SAC-saga. Preet is the failed front-runner for
Attorney General of USA to replace outgoing head Eric Holder. On 10th November Barack Obama
nominated Attorney General as Loretta Lynch. This
investigative critique explores another angle why Mr Bharara was snubbed.
Mr Holder, the incumbent highest judicial authority in USA, under whose watch we
witnessed the perfunctory litigation for larcenyof net billions dollars from the public
purse into private corporate profits for billionaire “establishment class” via
Wall Street and Main Street corruption of capitalism, is walking on an FPM
reputation tightrope. Under Mr Holder’s oversight, DoJ has expediently allowed ‘money
to talk’ in the numerous high profile billion dollars litigations of corporate
criminality (an exhaustive countdown list FPM have compiled in exchange for
gratuity fee), and allowed executive white collar criminals to walk. Mr Holder: The organ grinder's money talks and monkeys
get paid peanuts still – right?

FPM have profoundly described social status-quo as “plutocracy” or as
we note unbound
capitalism! FPM found an indepth investigative commentary on U.S. Justice but
unrelated to our focus in financial and corporate matters: To
Fight for Justice is to Fight the Law. If any genius out there believes in democracy
please email us to shock us. As part of our active resistance against endemic
corruption in capitalism, our story put yet another FPM big-picture way:

IF CAPITALISM IS IRREFUTABLY CORRUPT, AND THE
MYOPIC ADHERENTS SUCH AS MEDIA, PUBLIC RELATIONS, FIDICICUARY ADMINSITRATORS ONLY
PANDER, WITH POLITICIANS DISTRACTED FROM SERVING PEOPLE’S INTERESTS, THEN JUDICIARY
IS ALSO A TOOL TO PROVIDE EXPEDIANT JUSTICE. THE RESULT IS ECONOMIC WEALTH
INEQUALITY ABOUND. NOW FOR SOCIAL MOVEMENTS TO ESCALATE TO PEOPLE REVOLUTION.

Stop the Press! On 17th November in a U.S. Manhattan court
hearing Patricia Cohen, former wife of Steven A Cohen pursuing equitable divorce
settlement since 1991, has managed to get Mr Cohen to be questioned in civil deposition
hearing on 10th December. This is another side-show which the “Artful
Dodger” will presumably settle out of court eventually. FPM congratulate Ms
Cohen’s tenacious pursuit in her warranted bid. If American Justice showed as
much tenacity as Patricia, the U.S. taxpayer could have reaped multiple billions
for its public pursue, instead they are facing austerity!